Dr. Jim Stewart:

Yes, and we have to remember that Russian Railways was a key part of the invasion of Ukraine. The first table show the sums raised each year, amounting to €2.1 billion in 2018. I think September 2021 was when a Russia-connected firm last raised funds on the Dublin Euronext market, bringing the total for that period to €17.1 billion. The number of firms involved, ranging from six to 11, is outlined below that. These are the sums these firms have raised through the Irish market. Ireland has, effectively, been a key part of financing many firms in Russia.

An interesting question relates to who provided the finance and which investors bought those loans. Our hypothesis is these are Russian investors reinvesting in Russia. They are happy to do so and to take that risk because the returns are tax free. In addition, the loans are often raised under the laws of the UK, which may give greater protection to the owners of the funds than if they were raised in another country.